First Time Home Buyer Programs

There are a variety of programs available to accomodate the needs of most first time home buyers.
Talk to a local mortgage professional to determine the right program for all credit and down payment types.
A local provider can point out the best program to meet your individual needs - because everyone is truly unique.

Three basic factors determine your ability to obtain most home loans:

1. Credit,

2. Income (debt-to-income ratio) and

3. Equity (down payment on a purchase)

Understand the difference between Pre-Qualification and Pre-Approval and other basic requirements.

Get Pre-Approved whether you are a First Time Buyer or considering your next home purchase.
Click for a Free Credit Analysis and Credit Repair Tips.

Below are some of the more popular loan programs for First Time Home Buyers...

97% One Loan (Fannie Mae Flex)
Generally good credit scores will qualify
Higher debt-to-income ratios than traditional programs
30 year Fixed and ARM (Adjustable Rate Mortgages)
Home Opportunities (Freddie Mac)
One Loan with great low rate and no mortgage insurance
620 credit score required
30 year Fixed and ARM (Adjustable Rate Mortgages)
FHA - Federal Housing Authority
3% down payment requirement, or
100% with gift from family or DPA Program
Low minimum credit score requirement
Non-traditional credit: rent, utilities, car insurance (1-yr history)
12-24 month credit review (blemishes may be explained/documented)
Bankruptcy must be discharged 2 years plus re-established credit history
Collections/judgments paid prior to closing (medical collections excluded)
Credit Challenged
Minimum 580 score
Collections/judgements may not have to be paid
Seller contribute 6% of purchase price for closing costs
Fixed or adjustable rate mortgages
Lower credit scores may require a down payment
Streamline 203k Renovation Loan
FHA
Repairs which range from $5,000-$30,000+ may be included in loan amount
VA - Veteran's Administration
No Down Payment - 100% Financing
Most credit profiles accepted
Veterans/National Guard must have certificate of eligibility
Geographic loan amount restrictions
97% - My Community Plus
Low Down Payment
Non-traditional credit history: rent, phone, and utilities
Boarder income from friend/relative may be used to qualify
Income from side job which can't be verified is allowed
Part-time income averaged over last 12 months
Teachers, Healthcare Workers, and Public Safety Special
Only need 12 month rental history (no credit history required)
Geographic income restrictions may apply
Kiddie Condo
Parent(s) co-sign for child as non-occupant co-borrower
Child does not need any income or credit history
Qualification based on combined credit, income, and assets
Acceptabe property types: Single family-townhome-condo
2-1 Buydown
Initial Low Payment (30-Yr FIXED)
3% down payment (may be 100% gift)

Special programs are available for various neighborhood heroes: Police Officers, Firemen, Healthcare Workers and Teachers - contact me for more details.

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Brian Brass
Chicago Office
3940 N. Ravenswood
Chicago, IL 60613
(773) 435-0643
Illinois Residential
Mortgage Licensee

Brian Brass
(877) 356-RATE
brian.brass@guaranteedrate.com

Guaranteed Rate, Inc
Corporate Office
(773) 290-0505
Loan Servicing
(800) 263-4159

Brian Brass
Michigan Office
560 Kirts Blvd
Troy, MI 48084
(248) 786-6163
Michigan Residential
Mortgage Licensee

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